When an originator of a financial transaction initiates a payment to a recipient, also known as a beneficiary, the payment must travel from a financial institution of the originator, where the payment is originated, to a financial institution of the recipient. The payment may also travel from the financial institution of the originator through one or more intermediary banks before reaching the financial institution of the recipient. This is especially true when an originator initiates a global payment to a foreign recipient. In such a case, it is typical for the foreign payment to travel through a plurality of intermediary banks located in different countries. For example, a payment originating in the United States with a final destination at a beneficiary bank in Kenya may travel from the originating bank to a first intermediate bank in the United Kingdom, then to a second intermediate bank in South Africa, then to a third intermediate bank in Kenya before reaching the beneficiary bank.
Each intermediate transfer may be subject to different government rules and regulations depending on which borders are being crossed as part of each transfer. Further, each intermediary bank typically charges a fee for their services. When initiating a global payment, the originator may enter insufficient information to satisfy government regulations of each county that the transaction passes through, or enter incorrect information, such as an incorrect payment amount owed to the beneficiary or directing the payment to the wrong beneficiary entirely. If insufficient or incorrect information is provided, the transaction can be returned up the chain of intermediate banks to the originator for repair, for example, for the provision of required information. If incorrect information is provided (e.g., an incorrect account of the beneficiary, an incorrect currency, or an incorrect amount of payment) but the beneficiary still receives the funds, the beneficiary may request that the originator send another payment to correct the deficiency. In these scenarios, delays and additional fees are typically added to the process.